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Owls Investment Deal Collapses

Wednesday's proposed investment deal with Certified Oilfield Rentals (COR), led by Kevin Mundie, has collapsed.

COR were set to mount a takeover of the npower League One club last month, with a 2m payment upfront to help with the running of the club and to pay off a tax bill from HMRC.

But the money has yet to materialise and a spokesperson for Mundie told the Yorkshire Post: 'For business and personal reasons which are wholly unconnected with the club, Kevin Mundie and COR have regrettably felt they must withdraw from further involvement in the proposed purchase.

'Other consortium members are continuing to discuss further involvement and a statement will be made shortly.'

Owls chairman Howard Wilkinson has always said that other parties have shown an interest in investing in Wednesday but COR were the front-runners and seemed closest to completing a deal for the club.

But it seems like things are back to square one as far as the future of the club is concerned, and with a High Court date penned in for Wednesday, November 17 over the unpaid tax bill to HMRC, things are once again looking bleak at S6.

Keep checking Vital Wednesday for all the latest updates on the proposed takeover.




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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Wednesday November 3 2010

Time: 9:55AM

Your Comments

No surprise at all, once that promised 2 million failed to show after a few days, it was never going to happen. Forget other parties, its not happening. I actually hope the bank dont bail us out again, time to take the hit and start afresh. new board, new manager, new club. The current board should be so ****ing ashamed at whats happened at our club, its a disgrace. Once again we are the laughing stock of english football.
DEZZYP
WHAT A SURPRISE.
mick66owl
I'm embarrassed to have any association with this club. The last 10-15 years has been let down after let down apart from one fantastic day in Cardiff. Yet again a collapsed takeover makes us the laughing stock of the league. Years of my life devoted to this club just feel liked wasted years when I could have been following a sunday league team with more promise. I know I can never fully give up on my (so called) club, but it is increasingly getting harder to be bothered. Administration looms and in some ways may be the only answer to sort this shambolic mess out. I really don't know where we go from here. Just one thing I ask from the club is no more lies, no more pretending things are going to happen. I don't blame any of the players as the problems where at the club long before them and although AI seems a nice enough guy we really do need a more passionate attacking minded gaffer at the helm. Please please sort this mess out Wednesday, as this massive fan base you constantly harp on about will be no more. They say we are a sleeping giant, I would say we are a fallen giant in a coma with no real signs of life.... Switch on the life support and go into administration....
Owlsmad
Dezzy - I agree that we can't go on like this and it is probaly best if we go into administartion and hope that someone comes into to take control. However, if we do so, we need make sure that we get enpough points to stay up. I cant agree that all of the blame lies with our current board. we have been saddled with a huge debt since the days of Dave Richards and Dave Allen. The current board have been saddled with this and they can't find investors. I'm not suprised, you would have to be very stupid or unbelievable rich to put any money into Wednesday right now. Communication with the fans in very poor and we are constantly left guessing, but the financial state of the club goes back long before the current board.
dobby1
Just read that Dave Allen is prepared to give back his 9.5 stake for free if wednesday repay his 1.5 million debt. What a saint he is. Aftre all, if we go into administartion his 9.5% stake is worthless and he will not get his 1.5 million anyway!
dobby1
Looks like a not so happy birthday for me on the 17th. Was this ever really going to happen? It has been another Geoff Sheard fiasco right from the start. A message to the board, either be honest with us or just f*** off and lets get someone in that knows what they are on about and can relate to all us fans. I'm sorry to say this but I really do think that we could be playing League 2 football next season!!! If/when we go into administration and say a 10 point deduction, that would see us drop to 2nd bottom as things stand at the moment. Worse still, it may be a lot more points deducted, just look at Dundee, 25 points for going into administration! The future's bleak and it certainly aint blue and white.....
Hickyowl1977
fancy all this comes after the match last night with the size of the crowd for a derby game and the way the game went I would not be supprised these had a big thing in making their mind up, i`ve been a wednesday supporter for over 50yrs and i`ve never seen them in such a state if it nothing is done soon conferance he we come
Owlet
well and truely in the ***** now think admin is the only way forward 4 us no chance of going up this season at all what a waste of time and money
retfordowl1867
Its difficult to see a way out of this. We are looking administration and league 2 in the face. Worringly I think our league position flatters us and we have been lucky on numerous occasion (orient etc.) So even a 10 point deduction may be enough to send us down. What happens to the world cup bid if we go into administration, who ends up with the ground - is it the co op. We are in deep trouble.
Radon Barrier
I still think administration is the worst possible outcome here, due to items such as ground ownership, training ground etc. We need to get an investor and cut a deal with the bank otherwise they will own everything!! I am not optimistic that this will happen due to wilkos comments that he had total trust in the guys who have just bailed
Aston_Owl
It is a total shambolic mess.How the F**k can Wednesday have so many intrested parties over the years and not one comes through.Please tell me someone what the stumbling blocks are.Liverpool,City,etc do deals in days.f*****g Wednesday four years and still nothing.Lets go in Adminastration bomb AI out of if,take the board,and half the team.Lets start a fresh
garrymo
You know what, I kind of hope we get humiliated on tv against Southport! It might give everyone the kick up the ass they need? Although knowing this shower of poop they'll win and think they're amazing because they won on th ebox in the FA Cup! I dont think we'll go into administration on the 17th but I really wish we do as its only going to get progressively worse as it stands? Plus a dedicated Administrator is going to be more suited to finding a buyer as they have no ties to the club and so will take any offer that suits the needs of THE CLUB and not their back sky rocket! I blame "Sir" Dave Richards for everything personally? Yes there have been alot of other goings on since but he essentially started this rot and just walked away to chairman the premier league! Is that really a "fit and proper" person? If you cant chairman one club in a league, how can you chairman the whole league with 20 teams!? This sums him up in my opinion http://www.guardian.co.uk/football/blog/2010/mar/24/sir-dave-richards-football-association So, to sum up, I'm not happy!
Owls That!
Fxxxxxxxxxcking disgusting, all though it's been on the cards for a while, why can't they be honest, I don't care anymore, Wilkos full of *****, they all are, don't know what to say except take the deduction, start a fresh. Everyones to blame with this club except the fans...... Totally ashamed.
OWL25
Weel said Owls That! I agree 100%
dobby1
Can you blame COR for not investing!!! Can u fxxck!
OWL25
And there was me thinking this time maybe it was going to be ok!! Oh well hopefully there is light at the end of the tunnel but im not holding my breath! We Owls fans are thick skinned but I think all of us can forget about investment. Its going to be tough getting out of this league!! On recent performances I can see us getting out anytime soon!! UTO!!!
Bognor_Owl
im amazed our once great club is in a position where administration seems like the best option, the people involved, from dave richards to the current muppets should hand their heads in shame, or at least just hang themselves.
DEZZYP
Administration is the only option i think whats goin to happen if the co op do help us out again next months just going to be the same worrying about going into admin im sick of this club but could never turn my back on it sort it out wednesday!!
s71owl
Personally, I don't think that the co-op should help us again. They are just throwing good money after bad and at some point enough has to be enough. It seems clear that no significant investment is actually going to come forward because this seems to have been going on forever with no success. We need a clean slate so that we rebuild from scratch. Wednesday fans are thick skinned, maybe too thick skinned for own good, but together with the recent results and diabolical style of football, I am actually getting really sick of this club.
baldowl
Agree with everything said, especially the Dave Richards comments! It's sad to say but if regardless of how big a club we may be, if it was your 30/40 million would you by a small Premier League club like Blackburn or waste it on our shower. UTO still but only just!
Bexy1977
Pity there isnt the passion on the field or in the boardroom. Richards started the rot, dont think you can blame Dave Allen. The common denominator on the board is Bob Grierson. He has been there all the way through, he's the bean counter and a complete ars****e. He's also one of the loan note holders. Absolute total wan**r. Howard Wilkinson has done his best but has his hands tied. Lets face it, we are not a good prospect. Never fancied the idea of administration, and we absolutely cannot afford the 10 point deduction (minimum). Looking at it, the best chance we have of getting out of this division is the wrong f*****g way. What an absolute disgrace. On the playing side AI should never have brought us down, and has absolutely no idea of what is required to take us up. Another conpensation claim looming. Maybe we are just stuck with him till the administrator turn up. Lost all interest.
fed_up_owl
im not a regular at this posting thing, but ive been a member on here for a good while, ive watched wednesday since 66, my brother was at wembley, and i watched on tv aged 5, the next year i got him and my dad to take me, and that was it, hooked, wouldnt eat bacon on saturdays cos it was red and white, i lived, breathed, ate, slept, wednesday, i was stood on the kop against swansea in the 70s with a blizzard blowing, we had to face the scoreboard it was so bad, i was on the a kid stood kop when villa came, and birmingham, and man utd, and any of you out there old enough will know what happened on the kop in those matches, but i stood there, i wouldnt move from my place, i was on the kop when we beat southend to keep out of the 4th division, i was at hillsborough throwing snowballs at pat jennings off the kop in the draw with arsenal in the fa cup, and at highbury in the replay when they eqalised at the death, and at filbert street for all the replays, i was at port vale midweek when we drew to go up from the 3rd, i never missed an away game when we were banned after the riot at oldham, i went on the quiet by pay train and stood with their fans, i was in cardiff as a gorilla when we went up with chelsea from the 2nd, i was in luxembourg and kaiserslautern, i was at wembley when we beat man u in the rumelows, and the pigs in the semi, and all the arsenal games in the 2 finals, i lived in spain for 5 years, and flew back to see most games, in the 40 odd years ive watched wednesday as much as anyone out there, in short ive been wednesday for life, and i suppose i always will be, i dont think i can stop, believe me ive tried, i now live out here, and i drive back to home games, and make my own way away, but i didnt go tuesday, for the 1st time in my life i was sick of them, i was sick of the takeover, i was sick of the team, i was sick of the way we play, i was sick of father ted, and most of all i was sick of being a wednesdayite, im ashamed of them, every last one of them, from the chairman to the tea lady, over the years ive probably spent enough watching them to buy the bloody club, and do you know what, until now i didnt begrudge a penny, ive been there for all the highs, and unfortunately all the sodding lows too, now i just feel cheated, "WTID" unfortunately
scarboro-owl
scarboro-owl, very well put. i think you have pretty much summed up everybodys mood. im prepared to forgive the tea lady though.
DEZZYP
ok, i went too far, the tea lady is ok
scarboro-owl
 

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